Marabella at Las Colinas has joined our portfolio, another solid investment from Ashcroft Capital. This 415-unit apartment community located in Las Colinas, an upscale submarket that attracts affluent renters in the Dallas suburb of Irving, Texas.
The value-add opportunities for this deal are substantial:
- Las Colinas is a strong submarket that is home to eleven Fortune 500 Companies, including 6 headquarters. These headquarters are all located within a six-mile radius of the property, including ExxonMobile and Kimberley-Clark.
- McKesson (#6 on the Fortune 500 list) announced that they will relocate their global headquarters to Las Colinas and will be located within a 10-minute drive of the property.
Las Colinas is a highly desirable neighborhood which is highly desirable to young professionals given it's proximity to major employers and entertainment destinations, including the Toyota Music Factory, a $173 million concerns and cinema venue, and Water Street, a $100 million lakeside development with over 600,000 square feet of shopping and restaurants.
The average home value in Las Colinas is $445,000, including homes valued at over $2 million within 1 mile. The average household income in the area is over $134,000.
Dallas Fort-Worth continues to show strong job growth and the number of households are set to rise by 60,000 for a second consecutive year.
Thanks to all of our investors who participated on this project, our sponsors and partners.
If you are interested in learning about current opportunities, please contact us.